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AUSSIE BONDS: Aussie Bond futures proving to be relatively resilient to the
latest round of risk on flows triggered by comments from U.S. President Trump.
Worth noting that NAB now look for the RBA to hike in H220, they previously
expected 1 25bp hike in each of Q219 & Q319.
- Early trade saw the SYCOM low holding in 3-Year futures. YM/XM last 48.75, off
of lows, alongside 3-Years, while the cash 3-/10-Year yield differential last
trades at 49.6bp.
- White & red Bills trade unchanged to 1 tick lower last. A bit of focus has
crept into the Aussie x-ccy basis swap space over the last 36 hours or so, as we
move towards calendar year end. AU/US 3-Month x-ccy basis swaps have moved
higher. 3-Month BBSW fixing has risen to 2.0000% from the 1.9500% seen at
November's final fix. Elsewhere the RBA's reverse repo rates have squeezed
higher, with today's 30-day ops conducted at 2.157%.
- Latest AOFM ACGB auction was ignored, with the Bond not featuring in the
deliverable basket for XMZ8 (although it will be the next Bond to move into the
XM deliverable basket).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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